Universal North America, a personal lines carrier based in Sarasota, Fla., will begin writing homeowner policies in Arizona and Nevada this month. Other personal lines products, such as auto and umbrella coverages, will become available soon. Expansion into Hawaii, Georgia and other states is expected later this year.
Universal North America companies currently serve more than 140,000 policyholders in Florida, Texas and South Carolina. “We’re very excited about this move into the western region of the United States,” said Universal President Rick Espino. “In today’s uncertain economic market, we believe homeowners want responsible underwriting and smart risk management, as well as competitive rates.”
“The expansion into Arizona is a continuation of the company’s strategic expansion plan into the North America personal lines market,” said Espino. “The strategic plan includes a course of prudent underwriting and reserving activities, coupled with careful expansion.”
Universal will offer HO insurance, as well as flood insurance and home equipment protection, which covers mechanical breakdown for items such as air conditioning systems, telephone and security systems and swimming pool equipment. Auto and umbrella will be launched in Arizona later this year, followed by Nevada.
Universal North America is a subsidiary of Universal Group, Inc., a personal lines carrier in Puerto Rico. Universal Group is an A.M. Best “A” (Excellent) rated carrier with more the $250 million in surplus.
Source: Universal North America
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